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Autumn session of Mongolian parliament opens amid economic difficulties

Xinhua, October 3, 2016 Adjust font size:

The Autumn session of the Mongolian parliament opened here on Monday, catching the people's expectation to adopt effective measures to revive the country's declining economy.

At the opening ceremony of the autumn session, Mongolian parliament speaker Miyegombo Enkhbold urged the government to move forward large mining projects and not to waste time in empty political quarrelling.

The economic growth of the land-locked country is expected to be 0.1-0.6 percent in 2016, a sharp contrast with a 17.3 percent growth rate registered in 2011, said Enkhbold, who is also the chairman of the ruling Mongolian People's Party (MPP)

The global commodity market downturn has deeply impacted the country which heavily depends on mining. Moreover, the previous political infighting and unfavorable investment environment have scared foreign investors away.

The MPP won a landslide victory by securing 65 of the 76 parliament seats in a parliamentary election in late June, while the former ruling Democratic Party of Mongolia only got nine seats.

The MPP's dominance in the parliament is seen as a positive factor to boost the country's economic growth since it will contribute to a stable political environment and a fast decision-making process on economic issues.

But the economic situation the MPP faces after the election is seen "worse than expected," analysts said. Endi